GD Power Development (600795) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was RMB 39.17 billion, down 1.62% year-over-year, with net profit attributable to shareholders at RMB 1.40 billion, a 22.79% decrease year-over-year.

• Operating cash flow dropped 36.88% year-over-year, mainly due to lower average electricity sales prices and slower collection of receivables.

• The company completed the acquisition of a 35% stake in Guoneng Jiangsu New Energy Technology Development Co., Ltd. in February 2026.

Financial highlights

• Total assets at March 31, 2026, reached RMB 522.35 billion, up 0.42% from year-end 2025.

• Shareholders’ equity attributable to listed company shareholders increased 2.71% to RMB 61.08 billion.

• Basic and diluted EPS for Q1 2026 were RMB 0.078, down from RMB 0.102 in Q1 2025.

• Net profit excluding non-recurring items was RMB 1.36 billion, down 15.54% year-over-year.

Outlook and guidance

• Profit decline attributed to lower average electricity sales prices and the absence of last year’s one-off asset transfer gains.

• Cash flow was impacted by both lower sales prices and delayed receivables from the grid.